US: ISM Non-Manufacturing PMI drops to 56.7 in January vs 57.2 expected

"The NMI registered 56.7 percent, which is 1.3 percentage points lower than the December reading of 58 percent," the ISM said in its latest Non-Manufacturing IRM Report on Business.

Key takeaways from the press release

• The New Orders Index registered 57.7 percent, 5 percentage points lower than the reading of 62.7 percent in December.
• The Employment Index increased 1.2 percentage points in January to 57.8 percent from the December reading of 56.6 percent.
• The Prices Index increased 1.4 percentage points from the December reading of 58 percent to 59.4 percent, indicating that prices increased in January for the 20th consecutive month.​
• ​​​​​ Respondents are concerned about the impacts of the government shutdown but remain mostly optimistic about overall business conditions.